USD/JPY – Retreat from Resistance in Downtrend
January 11th, 2010 admin
After having hit a 4-month high at the top of a medium-term downtrend channel extending from the April 2009 high, price action on USD/JPY (a daily chart of which is shown) has respected that downtrend resistance by tentatively retreating. This medium-term downtrend channel resides within a larger, long-term downtrend channel extending from the June 2007 high. Currently, a key bearish event to watch for would be a significant breakdown below the steep intra-channel uptrend support line. For more technical analysis on this currency pair, please click here for Monday’s (1/11/2010)
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